Turkey buys ex-EU scrap at $407/mt CFR, deep sea quotations still rising

Wednesday, 25 January 2023 17:29:01 (GMT+3)   |   Istanbul
       

Following several ex-US bookings reported by SteelOrbis earlier this week, an ex-EU transaction was shared with the market late yesterday, January 24.

SteelOrbis has learned that a Black Sea-based producer bought the cargo with HMS I/II 80:20 scrap at $407/mt CFR, and shredded and bonus grade scrap at $428/mt CFR. Before this deal, European HMS I/II 80:20 scrap quotations were standing at $395-400/mt CFR.

“European export yards have failed to find scrap at €330s/mt DAP. Even when we increase collection prices, the flow is not great,” a seller commented. Multiple sources agree that collection activities are slow, with one adding, “There are no hidden tonnages or anything. European HMS I/II 80:20 scrap will test levels in the $410s/mt CFR Turkey in the next round.” Accordingly, US-based sources report that they expect a somewhat sideways movement in their February domestic scrap prices, while a fluctuation within a narrow range is possible. As SteelOrbis reported, US news outlets indicate that heavy snow is forecast for states throughout the US. Nine states, including Arkansas, Illinois, Texas, Oklahoma, Missouri, Ohio, New York, Michigan, and Indiana, have had weather warnings in effect as of 3 pm Tuesday afternoon. The positive sentiment in Turkey’s import scrap market continues due to the strong price policies of scrap suppliers. Currently, Turkish rebar export prices vary at $690-710/mt FOB, versus $705-710/mt FOB for February shipment a week ago. In the domestic market, a few mills are applying aggressive prices and testing $690/mt ex-works to generate sales. However, most mills in the Marmara and Izmir regions are officially offering at $710/mt ex-works.


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